Holger Zschäpitz is senior editor of the financial desk and market maniac at @Welt and Author of 'Schulden ohne Sühne?' a book on states' addictiveness to debt.
Good Morning from Germany where vaccination program becomes disaster. Only 1.9 people per 100 had been vaccinated so far. UK is streaks ahead w/9.3 vaccinated per 100 people, while Israel leads world w/40 dosed per 100citizens. There will be price to pay. Recovery will be delayed
Just to put things into perspective: The FANG+ index has tracked the large Central Bank stimulus, DB chart highlights.
‘Frothy Squared’: Crypto firms are lining up to tap market mania. After watching investors pour millions into blank-check comps & seeing likes of JFrog & Snowflake surge after debuts, at least 8 crypto firms are eyeing IPOs. Coinbase has already filed.
Love this question from @StrategasRP : If the US govt were a company would you buy it? With the US govt having $27.8tn of total debt outstanding and $3.4tn of revenue, would you ever buy that company over one (S&P500) that has $5.5tn of debt and $11.3tn of revenues?
Macron will host a "Choose#France " summit on Monday. Seeks to woo foreign CEOs after blocking retail deal. It will not be easy to assure foreign CEOs that France is open for business as French public spending ratio has jumped >63% in 2020.
Mind the gap: #France & #Germany had similar debt ratios before the Lehman crisis in 2008. They have since diverged dramatically. Pandemic shock – symmetric in origin, asymmetric in its effects – is turning France into a full member of the vulnerable >100% Debt to GDP club.
Global stocks gained $1.7tn in mkt cap this wk as investors look through Covid challenges given combination of liquidity support & vaccine rollouts. Business sentiment surprisingly improving in US & not surprising on downside in Europe. Early 4Q21 reporters have not disappointed.
German Chancellor Merkel holds phone call with Spanish PM Rajoy as Catalan govt says 465 people injured by police forces.
Buffett indicator sounds the alarm. Global stock mkt cap has now topped 120% of global GDP, and thus the same level as before the crash in 2008.
#Turkey Lira in free fall. Now world's worst currency in 2020 w/ -30.2% YTD.
Good morning from #Germany , which has the highest electricity prices in world. One kilowatt-hour now costs 0.34 euros, twice as much as in #Sweden or 3 times as much as in the US. Energy transition & high subsidies for green electricity to blame. via @welt
The end of capitalism as we know it: G3 Central Banks (Fed, BoJ, ECB) have pumped more than $5tn into the markets since March. They bought all kinds of assets, a kind of nationalization through the back door?
Good morning from #Germany , where #UK is becoming less important as an export market & hard Brexit is losing much of its fear. Exports to UK have fallen <€70bn in the past 12mths. Britain is now only the 5th most important export mkt for Germany may soon be overtaken by #Italy .
Just to put things into perspective or the rising wealt inequality in one chart: The average US worker must now work 141 hours to buy 1 share of S&P 500. That's, of course, a fresh record. In the 1980s, it took less than 20 hours.
OUCH! Kuwait suspends trading in premier market as Index drops 10%.